Chillers market size to reach $ 13.99 bn by 2027

The global chillers market size is expected to reach US$ 13.99 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3 percent over the forecast period. “Rising demand for efficient HVAC and refrigeration systems in newly constructed structures to maintain the increasing internal temperature is expected to drive the market over the forecast period,” the report said.

Chillers are used in various industries, including plastics, food & beverage, printing, medical, electronics, petrochemical, pharmaceutical, and power plants to provide cooling. Increasing adoption of chillers in manufacturing facilities, residential structures, hospitals, restaurants, and sporting arenas, among others is expected to positively impact the product demand.

According to the Grand View Research report: The air-cooled segment is expected to witness the fastest CAGR of 4.8 percent whereas the centrifugal chillers segment is estimated to witness a CAGR of 4.0 percent from 2020 to 2027.

The medical and pharmaceutical sector accounted for a major share of the global industrial application segment in 2019, due to high product usage in CT scanners, MRI systems, blood cooling systems, electron & laser microscope, and precision laboratory applications.